Cryptocurrency has been taking the commerce world by storm over the past three years with many analysts speculating about the ability of Cryptos to replace fiat currency. Though the crash in early 2018 brought about a rush for regulations, digital currency is here to stay.
Germany seems to be heeding this call as Germany stock exchange group Boerse Stuttgart Group announced a few days ago of its interest in blockchain technology. Boerse is the second largest stock exchange group in Germany.
The BISON app would be developed by Boerse Stuttgart Digital ventures and Sowa Labs which is the technological research branch of Boerse Stuttgart. The caption of the APP is the first crypto app to have a traditional stock exchange backing it.
They released in the statement that the company would be exploring end-end trading via the new framework called BISON. BISON will be developed to increase ease in market access and will feature reliable, secure trading of digital coins without any fee.
This year, Boerse had earlier presented the prototype of Bison at the annual German finance and investment trade fair in Stuttgart. The prototype was unilaterally agreed, and work began on developing the BISON framework.
The App is expected to be released initially in German by the end of this year while the English version would be released by next year. BISON is to be the first Crypto platform to be fully supported by a stock exchange group in Germany.
BISON to be the first in line of Boerse Blockchain services
BISON is not the only blockchain project developed by Boerse Stuttgart; the company is developing a platform that would enable multilateral trading of ICOs and wallet for major digital currencies. This would come with features associated with many Blockchain wallets
Boerse intends to use its standing as a financial giant in Germany to float this cryptocurrency exchange as they have extensive knowledge of the German market. The company also has the advantage of possessing the technology and trading know how in the Financial Market.
BISON would allow Boerse become the largest German digital currency exchanger; the company also stated that on launch there would be a nationwide campaign to promote the knowledge of digital asses. While following the standards set in the stock exchange market.
This would lead to transparency, reliability and ability to prevent wide fluctuation of Digi assets which may represent a loss to the company. Boerse also intends to widen the functionality of BISON to both primary and secondary markets.
BISON would initially support trading of four cryptos which are Bitcoin, Ethereum, XRP, Litecoin after which other digicoins would be accepted as time goes on. New coins added would be subjected to routine examinations to ensure viability.
Boerse also plans to float ICO services
The ICO platform according to Boerse would allow the transfer of cryptocurrencies, to finance organizations or to buy rights and assets. The company also stated that each of the process required to perform ICOs would be passed through regulations.
Boerse have also said that the company would abide with authority agencies to ensure that all procedures are followed before the release of BISON. The project is also monitored by the board and representatives of the stock exchange group.
The issue of security is also vital in crypto exchanges and BISON is set to be incorporated with technological solutions for safe storage of digital assets. This would ensure that safety concepts are incorporated into the exchange platform to prevent security breaches
Industry stakeholders pleased with the development
This development has been praised by many in the Blockchain industry, the CEO of Binance Changpeng Zhao stating that this was a right step in the direction of adoption by traditional exchanges. He also revealed that very soon a boom would occur with crypto exchanges.
Other industry analysts also believe that the adoption of cryptos by Boerse is a good start for acceptance by European stock exchange companies.
Cryptocurrency has become the order of the day with the industry expected to reach the $1 trillion mark by the end of 2018. There are thousands of digicoin with more being introduced daily and many countries are developing their official cryptocurrency.
Bitcoin still leads in market valuation with more than half of the total market share making it the most valuable crypto in the world.